Escaped Income Below ₹50 Lakh? Reopening After 3 Years Is Dead on Arrival: ITAT Quashes NRI Reassessment

Mukesh Mohanlal Bhatia Vs ITO (ITAT Mumbai) Escaped Income Below ₹50 Lakh? Reopening After 3 Years Is Dead on Arrival: ITAT Quashes NRI Reassessment The Mumbai ITAT quashed reassessment proceedings against a UAE-based NRI and held that no notice under Section 148 can be issued beyond three years where the alleged escaped income is below ₹50 lakh. The assessee, a non-resident individual residing in the UAE, had not filed any return in India for AY 2017-18 as no income was claimed taxable in India. The AO later initiated reassessment proceedings alleging unexplained expenditure of ₹7.10 la...